Serabi Gold plc ("Serabi" or the "Company") Issue of 270,000,000 Ordinary Shares at 6 Pence per Share Dealings by the Directors

LONDON -- (Marketwire) -- 01/17/13 -- Serabi (AIM: SRB) (TSX: SBI), the Brazilian focused gold exploration and development company, announces that the conditional subscription by Fratelli Investments Limited and parties acting in concert with it (the "Concert Party") has been completed, conditional upon admission of the new Ordinary Shares to AIM and the TSX.

On 1 October 2012, the Company entered into a conditional subscription agreement with Fratelli Investments to subscribe for and underwrite a placement of new Ordinary Shares to raise £ 16.2 million to finance the development and start-up of underground mining operations at its Palito gold mine. The investment by Fratelli Investments took the form of:

(a) A subscription for 90,403,000 new Ordinary Shares at the Subscription Price of 6 pence per new Ordinary Share; and
(b) A conditional subscription for up to a further 179,597,000 new Ordinary Shares at a subscription price of 6 pence per new Ordinary Share, such number to be reduced by any subscriptions for new Ordinary Shares from third party investors.

Of the 270,000,000 shares that have been issued pursuant to the subscription arrangements raising gross proceeds of UK£ 16.2 million, the Company has procured third party subscribers for 81,350,353 new Ordinary Shares and accordingly, the total subscription by the Concert Party amounted to 188,649,647 new Ordinary Shares, as detailed below in this announcement.

Mr. Michael Hodgson commenting on the announcement of the completion of the Subscription said:

"I would like to record the thanks of myself and the rest of the Board to Fratelli Investments. Their support will allow the management of the Company to continue the development of the Palito Gold Mine and ensures an exciting future for the Company. Their willingness to underwrite the share placement is, I believe, a demonstration of their belief in the Palito project and the opportunity that we have to develop a robust and bigger gold company around this."

Following completion of the issue of 270,000,000 Ordinary Shares the Company is aware of the following notifiable interests in the Enlarged Ordinary Share Capital:

Mr. TS Harvey, Mr. CM Line and Mr. M Williams, directors of the Company, all subscribed for Subscription Shares. In addition, Anker Holding AG, a company beneficially owned by the spouse of Mr. C Kingsman, who is a director of the Company, also subscribed for Subscription Shares. The subscriptions by the Directors and parties related to the Directors and their interest in the Ordinary Shares of the Company following completion of the Subscription are as follows:

Shares held Percentage
in the interest in
Shares held Company the
Director and/or related in the following Enlarged
party Company Subscription completion Ordinary
prior to the Shares of the Share
Subscription subscribed Subscription Capital
----------------------------------------------------------------------------
Anker Holding AG (Note 1) 18,851,000 21,149,000 40,000,000 11.1%
Mr. TS Harvey 200,000 1,000,000 1,200,000 0.3%
Mr. CM Line 417,653 300,000 717,653 0.2%
Mr. M Williams 45,000 250,000 295,000 0.1%
----------------------------------------------------------------------------
Note 1 Anker Holding AG is beneficially owned by the spouse of Mr. C
Kingsman who is a director of the Company

As Anker Holding AG is interested in more than 10 per cent. of the Existing Ordinary Share Capital and Mr. TS Harvey, Mr. CM Line, Mr. M Williams and Mr. C Kingsman are all directors of the Company (the "Subscribing Directors"), the subscription by Anker and the Subscribing Directors is a related party transaction for the purposes of Rule 13 of the AIM Rules. For the purposes of the AIM Rules, the independent Directors of Serabi, (being Mr. M Hodgson, Mr. D Jones and Mr. E Rosselot), having consulted with the Company's nominated adviser, consider that the subscription by Anker and the Subscribing Directors pursuant to the Subscription is fair and reasonable insofar as the Shareholders are concerned. The independent Directors have taken into account in particular that Anker and the Subscribing Directors are each subscribing on the same terms and conditions as the Concert Party and the other subscribers for new Ordinary Shares procured by the Company from unconnected third parties, and which has been approved by Independent Shareholders on a poll.

Immediately following completion of the Subscription, the Concert Party's interest in the Company (and assuming full conversion of all warrants held at completion by the Concert Party), will therefore be as follows:

On Completion of the Subscription Fratelli Investments Limited and the Concert Party will hold more than 50 per cent. of the Company's voting share capital, and accordingly, Fratelli Investments Limited and the Concert Party may be able to increase its aggregate shareholding in the Company without incurring any obligation under Rule 9 to make a general offer to the Company's other Shareholders. Under the Takeover Code, whilst each member of the Concert Party continues to be treated as acting in concert, each member will be able to increase further his respective percentage shareholding in the voting rights of the Company without incurring an obligation under Rule 9 to make a general offer to Shareholders to acquire the entire issued share capital of the Company. However, individual members of the Concert Party will not be able to increase their percentage shareholding through or between a Rule 9 threshold, without the consent of the Panel.

Application will be made for the Subscription Shares to be admitted to trading on AIM. It is expected that Admission will become effective and dealings in the Subscription Shares will commence on 23 January 2013. The new Ordinary Shares will when issued and fully paid, rank in all other respects pari passu with the Existing Ordinary Shares in issue including the right to receive all dividends and other distributions declared, made or paid after the date of their issue.

Fratelli Investments also provided on 1 October 2012 an interim secured short term loan facility of US$6 million (equivalent to approximately £ 3.8 million at the exchange rate of £ 1:US$1.59 as at 2 October 2012) to the Company to provide additional working capital to the Company and to enable the Company to commence the necessary mine development and plant refurbishment works immediately. As at 16 January 2013, the last practicable date prior to the publication of this announcement, US$4.5 million had been drawn down under the short term loan facility. The Company will repay the Loan Agreement from the proceeds of the Subscription. Interest charges that will have accrued under the Loan Agreement, assuming that the loan facility is re-paid on 18 January 2013 from the proceeds of the Subscription, have been calculated as US$107,375. Fratelli have confirmed to the Company that they will not seek penalty interest charges in the early repayment of the loan that could have applied under the original terms of the Loan Agreement.

Neither the Toronto Stock Exchange, nor any other securities regulatory authority, has approved or disapproved of the contents of this news release.

APPENDIX 1
DEFINITIONS
The following words and expressions apply throughout this announcement
unless the context requires otherwise:
"Admission" admission of the Subscription Shares to
trading on AIM becoming effective in
accordance with the AIM Rules for
Companies
"AIM" AIM, a market of that name operated by
the London Stock Exchange
"City Code" or "Takeover Code" the City Code on Takeovers and Mergers,
as updated from time to time
"Company" or "Serabi" Serabi Gold plc
"Completion" the Subscription being completed and
Admission taking place
"Concert Party" Fratelli Investments Limited, its
Connected Persons and other persons
acting in concert with it, as described
in Part II of the Document
"Diluted Enlarged Ordinary Share 371,891,063,728 Ordinary Shares
Capital" comprising the Existing Ordinary Shares,
the Subscription Shares, 2,487,499 new
Ordinary Shares to be issued on full
exercise of the Existing Warrants and
8,135,035 new Ordinary Shares to be
issued on full exercise of the New
Warrants
"Document" the circular to Shareholders dated 11
December 2012 in relation to the
proposals including the notice of
General Meeting
"Enlarged Ordinary Share Capital" the issued equity share capital of the
Company immediately following Admission
comprising the Existing Ordinary Share
and the Subscription Shares
"Existing Ordinary Shares" the existing 91,268,529 issued Ordinary
Shares as at the date of this
announcement and the Document
"Existing Ordinary Share Capital" the issued equity share capital of the
Company as at the date of this
announcement and the Document
"Existing Warrants" the existing 2,487,499 warrants to
subscribe for new Ordinary Shares owned
by Fratelli Investments and Fondo de
Inversion Privado Santa Monica as at the
date of the Document
"Fratelli Investments" Fratelli Investments Limited, a company
registered in the Bahamas with
registered number 136,354 B
"General Meeting" the general meeting of the Company
convened for 10.00 a.m. on 16 January
2013, the notice convening which was set
out at the end of the Document
"Loan Agreement" the US$6 million loan facility dated 1
October 2012 provided to the Company by
Fratelli Investments, details of which
are set out in Part IV of the Document
"New Warrants" 8,135,035 new Warrants to subscribe for
new Ordinary Shares at a price of 10
pence per Ordinary Shares to be issued
to Fratelli Investments pursuant to the
Subscription Agreement
"Ordinary Shares" the ordinary shares of 5 pence each in
the capital of the Company
"Panel" Panel on Takeover and Mergers
"Rule 9" Rule 9 of the Takeover Code
"Rule 9 Offer" the requirement for a general offer to
be made in accordance with Rule 9
"Shareholders" Person(s) who is/are registered
holder(s) of Ordinary Shares from time
to time
"Subscription" the conditional subscription by Fratelli
Investments to subscribe for and
underwrite a placement of up to
270,000,000 new Ordinary Shares, further
details of which are set out in Part I
of the Document
"Subscription Agreement" the agreement dated 1 October 2012
between (1) the Company and (2) Fratelli
Investments, further details of which
are contained in Part IV of the Document
"Subscription Price" 6 pence per Subscription Share
270,000,000 new Ordinary Shares to be
"Subscription Shares" issued pursuant to the Subscription
Agreement
"Third Party Shares" up to 179,597,000 Subscription Shares
available for subscription by third
party investors
"Waiver" the waiver granted by the Panel (subject
to the passing of the Whitewash
Resolution) in respect of the obligation
of the Concert Party to make a mandatory
offer for the entire issued share
capital of the Company not already held
by the Concert Party which might
otherwise be imposed on the Concert
Party under Rule 9 of the Takeover Code
as a result of the issue of Subscription
Shares under the Subscription, as more
particularly described in paragraph 7 of
Part I of the Document
"Warrants" the warrants to subscribe for new
Ordinary Shares further details of which
are set out in paragraph 2.5 of Part IV
of the Document

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